The Australian Taxation Office (ATO) is reminding all employers to use the new personal tax income thresholds effective 1 July 2009.

The new rates were introduced as part of last years Federal Budget and sent to employers in June. The new rates should be applied to payments on or after 1 July 2009 even if some of the payments relate to work before this date.

Copies are available by contacting the ATO on 1300 720 092.

You may recall receiving a recent email that due to the Government changes, Accountants Super has issued a Supplementary Product Disclosure Statement (SPDS).

This must be given whenever a Product Disclosure Statement (PDS) dated 2009 is supplied.

If you have current copies of our current PDS in your office, please contact us with the quantity required, and we will have printed copies sent to you. If you have any questions, please call us on 1300 651 331 or email.

The 2009 Federal Budget was faced with reduced revenue as a result of the slowing economy. As a result, some areas were targeted to assist in funding expenditure, one being superannuation.

The impacts on superannuation include contribution limits, lost members and changes to the definition of ordinary time earnings. The good news is that the Government has extended the 50% reduction in the minimum drawdown amount applying to account based pensions for a further 12 months.

While not directly affecting superannuation itself, the Government has made changes to the Government age pension including the amount of the pension, pension access rules and the pension income test. This also includes the increase in the qualifying age for the age pension from age 65 to 67 by 2023. Only new entrants to the pension system from 1 July 2017 will be affected.

For further information about these changes please refer to our Federal Budget factsheet or visit www.budget.gov.au or see your financial adviser.

Accountants Super has a team of Member Consultants who can arrange a FREE education session at your workplace, via the telephone or a personal one on one consultation. Our Member Consultants can educate your staff in the areas of investment options, insurance, information on super strategies (salary sacrifice / Government co-contribution) and more. Members also have access to special discounted financial advice and planning through our partnership with Outlook Financial Solutions.

To arrange a FREE member consultation with your staff please contact us.

SuperSolutions has officially commenced as a paperless communication. If you know of other staff members who were receiving a paper copy, they can now subscribe electronically to continue receiving SuperSolutions.